Market Size of Pediatric Interventional Cardiology Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pediatric Interventional Cardiology Market Analysis
Over the next few years, the pediatric interventional cardiology market is expected to register a CAGR of 11.1%.
The COVID-19 pandemic had a significant effect on the pediatric interventional cardiology market. Several investigations from throughout the world have reported decreases in hospitalizations and cardiac procedures. For instance, according to an article published by PubMed in August 2022, the pandemic significantly impacted the delivery of pediatric cardiac care across India, with a two-thirds reduction in hospitalizations and cardiac surgeries. Thus, the market was significantly impacted during the pandemic; however, as the pandemic has subsided currently, the hospitals have started their normal procedures. Hence, the studied market is expected to have stable growth during the forecast period of the study.
Market growth is likely to be boosted by things like more people getting heart disease and faster technological progress.
The most prevalent birth problem is congenital heart defects (CHD). According to the data updated by the CDC in January 2022, CHDs affect nearly 1% of newborns, or about 40,000 births per year in the United States. The prevalence (the number of babies born with a heart defect compared to the total number of births) of some CHDs, especially mild types, is increasing, while the prevalence of other types has remained stable. The most common type of heart defect in newborns is a ventricular septal defect (VSD). Thus, the increasing prevalence of CHD is expected to increase the adoption of pediatric interventional cardiology devices.
In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For instance, in July 2021, Abbott launched an occluder, which is a self-expanding wire mesh device that is inserted through a small incision in the leg and guided through vessels to the heart, where it is placed to seal the opening in the heart. It is one of the world's first medical devices that can be implanted in the tiniest of babies (weighing as little as 700 g) using a minimally invasive procedure to treat patent ductus arteriosus, or PDA.
Thus, the abovementioned factors, such as increasing heart disease and new product launches and strategic activities by major players in the market, are expected to increase the market's growth. However, stringent regulatory policies and expensive treatments and therapies are likely to hamper the growth of the pediatric interventional cardiology market.
